AUSTRALIA – Insurance losses from the Queensland floods have topped $1 billion, taking the total from three recent extreme weather events to $2.2 billion even before cyclones Trevor and Veronica are taken into account.
The Insurance Council of Australia on Tuesday said there had been 25,770 claims worth a total $1.04 billion related to the flooding that followed February’s monsoonal rains in Townsville and central Queensland.
The insurance industry body also noted 130,000 claims totalling $1.2 billion for December’s NSW hailstorm, and 365 claims totalling $20 million from eastern Victoria’s Bunyip bushfires in late February.
“Insurers are working around the clock in three states to support customers affected by extreme weather catastrophes,” the ICA said.
“They are also standing by to help policyholders in Queensland, the Northern Territory and north-western WA who have suffered losses caused by cyclones Trevor and Veronica.”
The ICA is recommending targeted federal funding to help Townsville mitigate its flood exposure.